Muscat: The market capitalization of the Muscat Stock Exchange (MSX) increased to OMR30.63 billion at the end of trading this week, reaching the highest point in the exchange's history.
This growth has bolstered investors' confidence regarding further enhancements in stock prices and anticipated returns from stock market investments. Concurrently, investment funds and institutions have ramped up their acquisitions, motivating individual investors to boost their buying activities.
During the week, trading value climbed to OMR138.3 million, up from OMR136.9 million the previous week. The number of executed deals surged by over 80 percent to 21,335, driven by investor purchases and the improved performance of listed companies.
The main index of the Muscat Stock Exchange recorded new gains, increasing by 62 points to finish at 5,124 points. Among the sector indices, the services sector experienced the most significant rise, gaining 50 points. The industrial sector index increased by 12 points, while the financial sector index rose by 11 points. In contrast, the Shariah index saw a minor decline of less than one point, closing at 474 points.
OQ Exploration and Production had the highest trading value last week, with its stock surpassing 370 baisas. The trading value reached OMR34.1 million, accounting for 24.6 percent of the total trading value. OQ Basic Industries followed in second place with OMR23.2 million, Bank Muscat was third with OMR23 million, Omantel ranked fourth with trading valued at OMR16.9 million, and Sohar International Bank came in fifth with a trading value of OMR10.9 million, representing 7.9 percent of the total trading value.
Majan College's stock led the gainers, increasing by 16.8 percent to finish at 132 baisas.
Al Batinah Energy's stock climbed to 115 baisas, marking a rise of 16.1 percent.
Al Suwadi Energy's stock increased by 16 percent, closing at 116 baisas.
Dhofar Power Generation's stock rose by 12.8 percent to end at 88 baisas, while Al Anqa'a Energy's stock reached 110 baisas, up by 12.2 percent.
On the other hand, Majan Glass was the largest loser, dropping by 14.2 percent to close at 12 baisas.
Salalah Mills decreased to 400 baisas, reflecting a decline of 5.8 percent, whereas Oman Oil Marketing Company fell to 755 baisas, a decrease of 5.6 percent.
Company Update
The International Financial Investment Company has called upon its shareholders to participate in the Ordinary General Assembly meeting scheduled for September 25th. This meeting will address the proposal to provide a loan of OMR300,000 to the National Aluminium Products Company and will empower the Board of Directors, or a designated representative, to execute the loan agreements. The International Financial Investment Company holds a 20.6 percent stake in the capital of the National Aluminium Products Company. In the first half of this year, the Company managed to reduce its losses to OMR521,000, a significant decrease from the OMR1,012,000 losses reported in the same period last year. According to the financial statements, the accumulated losses of the company reached OMR6.6 million by the end of June, with its capital standing at OMR857,000 and reserves at OMR1.2 million. The International Financial Investment Company did not provide any reasons in its disclosure on the Muscat Stock Exchange website for its intention to extend the loan to the National Aluminium Products Company. In response to the financial outcomes for the first half of this year, the National Aluminium Products Company stated that it will concentrate on broadening its product offerings in the upcoming period, while also working on improving supply chain efficiency and strengthening its competitive edge.
